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Speaker 4: We are in La Sunny, Los Angeles, and this is
Speaker 4: something that we've been looking forward to for a while.
Speaker 4: It's gonna be a dope conversation. So healthcare is actually
Speaker 4: fitting because we just spoke about this on Market Monday's House,
Speaker 4: just thinking that healthcare is the biggest business in the world.
Speaker 4: It makes up twenty four percent of the American budget,
Speaker 4: which is the biggest by far. Second to that as
Speaker 4: the military, I think of like fifteen percent. So when
Speaker 4: you think of businesses, a lot of time we think
Speaker 4: of you know, a lot of different industries, but people
Speaker 4: don't necessarily think of healthcare as a business. It is
Speaker 4: a business. The biggest business is recession proof. It's everything proved,
Speaker 4: big business. People always die, people always go to the hospital,
Speaker 4: people always you know, get sick. So it's one of
Speaker 4: the things that has been around since the beginning of time,
Speaker 4: so isn't going anywhere. So today we have the privilege
Speaker 4: of speaking with not just any entrepreneur, an entrepreneur that
Speaker 4: has been in the business for a very long period
Speaker 4: of time and has been extremely successful. Tommy Duncan. So
Speaker 4: you might have heard him when we when we mentioned
Speaker 4: his name in the Rick Ross interview. He has a
Speaker 4: company called jet Doc and Rick Ross is an investor.
Speaker 4: I think he invested like a million dollars into the company, right,
Speaker 4: and so we mentioned him during that interview and we
Speaker 4: spoke about it briefly. But he has a vast career
Speaker 4: in the health industry. He actually sold his first company
Speaker 4: a while back, need about a million million, and a
Speaker 4: half and then he sold this other company and then
Speaker 4: did a whole bunch more money. Yeah, over one hundred millions. Yeah, yeah,
Speaker 4: for sure. So and now he started jet doc. So
Speaker 4: it's a very interesting conversation, I'm sure, a very educational conversation.
Speaker 4: And we'll be remiss if we didn't acknowledge our brother
Speaker 4: Dame Dash, who we have a mutual relationship with. So
Speaker 4: game actually just wrapped up a movie on Tommy's life
Speaker 4: called The Prince of Detroit's Right. So shout out to
Speaker 4: my brother, Dame Dash. We was at his house yesterday
Speaker 4: and he showed us the trailer to the movie and
Speaker 4: he was very excited about it. He's very excited about
Speaker 4: you as an entrepreneur. You know, gave us some background information.
Speaker 4: So shout out to Day. Yeah, shout out to Day.
Speaker 4: So first and foremost, thank you for joining us. Appreciate it.
Speaker 6: Hey, no, it's good to be here, man, and it's
Speaker 6: at Prince of Detroit Film on I G Yeah, okay,
Speaker 6: you check it out. But here's something that's funny. You
Speaker 6: talk about healthcare. It is by far the largest economic
Speaker 6: injury in this country, but it's ugly money, so no
Speaker 6: one really pays attention to pays attention to it. You know,
Speaker 6: it's not entertainment anything sexy like that. But I just
Speaker 6: got back from Paris for fashion Week, so that the
Speaker 6: hottest show Balmon and I was there with a group
Speaker 6: of ten couples which were the VIP clients for the country,
Speaker 6: and out of those ten couples, at least five of
Speaker 6: the dudes we're in health care. So you think about fashion,
Speaker 6: all the sexy shit. You know, Cardi's there all set
Speaker 6: and all that stuff. Yeah, that's part of it too.
Speaker 6: But the folks with the money is actually spending in healthcare. Right, So,
Speaker 6: like Rashad, I live ten minutes from where we are,
Speaker 6: and my neighbors most of them are in health care.
Speaker 2: That's interesting. We're in Hollywood. In Hollywood, they in healthcare. Yeah,
Speaker 2: so how did you get started?
Speaker 4: You're a black man from Detroit, Michigan, So how did
Speaker 4: you get started in healthcare? Because the interesting thing that
Speaker 4: Dane was telling us, he was like, make sure you're
Speaker 4: asked him about this, Like it was like his family
Speaker 4: is already in the business, Like he actually already had
Speaker 4: the information and the knowledge and he grew up in
Speaker 4: the industry. And that's something that's very rare, especially in
Speaker 4: our community, Like we don't even go to the doctor
Speaker 4: majority of the time, and we have a bad relationship
Speaker 4: with medicine unfortunately and doctors, so let alone actually being
Speaker 4: in the business. So how did that go about as
Speaker 4: far as your family and and you growing up in that?
Speaker 2: Yeah, so I did you know?
Speaker 6: My mother was always been in healthcare and she got
Speaker 6: with my stepfather in about nineteen ninety, so the time
Speaker 6: I was ten years old and he was entrepreneurial, she
Speaker 6: was academic. They came together and ended up buying a hospital.
Speaker 6: It's one of the last black, for profit, black owned hospitals.
Speaker 6: It was called Southwest Detroit Hospital, but they renamed it
Speaker 6: United Community Hospital. They bought it from hud It was
Speaker 6: the seventy five million dollar hospital when it was built,
Speaker 6: but they bought it for two million dollars because it
Speaker 6: was in receivership bankruptcy. So they bought that, and then
Speaker 6: they coupled it with a HMO Health Maintenance Organization essentially
Speaker 6: an insurance company for low income people, people on Medicaid.
Speaker 6: So they operated that through the nineties and then so
Speaker 6: they operated I grew up in it, so literally when
Speaker 6: I was twelve thirteen, fourteen years old. I was on
Speaker 6: the sales team and I would go door to door
Speaker 6: in the projects and you know, different communities where there
Speaker 6: was a large population of people and go door doing
Speaker 6: ask people to sign up for medicaid. My parents company,
Speaker 6: it's called Ultimat. So I grew up selling people on
Speaker 6: health insurance for low income. And then the other time
Speaker 6: I spent I was actually at the hospital painting the basement,
Speaker 6: being a janitor and all that kind of stuff. But
Speaker 6: through that by Osmosis, I learned the business and through
Speaker 6: the nineties they had a business. I think at their
Speaker 6: apex they were doing about forty million dollars year in revenue,
Speaker 6: which at the time was a whole lot of money.
Speaker 6: You know, now things are different, it's a lot more
Speaker 6: money out here, but then that was a lot of money.
Speaker 6: They employed the most black people for any black business,
Speaker 6: and that's how I grew up.
Speaker 2: You know.
Speaker 6: Then I went to Florida and m got my NBA.
Speaker 2: In five years. You yeah, he went there for yeah? Yeah?
Speaker 2: Who did my brother? All right? What happened? He got
Speaker 2: home safe, He went to Saint John's, went back to
Speaker 2: New York. He got homesick, from fam. I never heard that. Yeah,
Speaker 2: probably was that around the Saint John. That's just the
Speaker 2: or it ain't told y'all.
Speaker 6: You've probably got some babies running around. Your fan was amazing.
Speaker 6: But I came back with my NBA and I thought
Speaker 6: I was going to take my family's business to the
Speaker 6: next level, and unfortunately around the same time, finding up
Speaker 6: losing everything. So you know what most black businesses do,
Speaker 6: particularly then without mentorship, which is what you are providing,
Speaker 6: which is what is missing in our community is mentorship.
Speaker 6: So what happens for us is those that are entrepreneurial
Speaker 6: gumption go out and then usually like anybody else, we
Speaker 6: are met with failure. Right, it doesn't go right, and
Speaker 6: then a lot of times, unfortunately we don't try again
Speaker 6: because with scar financially, emotionally and all that kind of shit.
Speaker 2: Excuse me, all that kind of stuff.
Speaker 6: But that's what the wisdom is when you have the challenge,
Speaker 6: and so the right thing to do is come back
Speaker 6: into it and try again, do it smarter and be successful.
Speaker 2: But most people, for whatever reason don't do that.
Speaker 6: But my parents ended up invest everything in the hospital
Speaker 6: in HMO, so much so that when it all went under,
Speaker 6: they had no money in the bank, like they put
Speaker 6: up the house, in the business. They put it all
Speaker 6: in there, so we had the biggest house in Detroit.
Speaker 6: They literally put it up trying to save the hospital
Speaker 6: when they started going under, versus realizing your business is important,
Speaker 6: but it's not you. It's separate. It's separate dity, so
Speaker 6: treated as such. But of course they didn't. And then
Speaker 6: it was just like you know, American gangster.
Speaker 2: When he sees our huh which part? When he lost
Speaker 2: the house.
Speaker 6: And they lost the house, they lost the first and everything.
Speaker 6: The diamond my mother had a twelve caret diamond ring
Speaker 6: probably worth a million dollars. Now had to hawket, you
Speaker 6: know what I'm saying, lost everything But for me. Then
Speaker 6: I decided, you know, I'm going to take it and
Speaker 6: just build my own company and live on a legacy.
Speaker 2: So I did it. So I did that.
Speaker 6: Twenty six I started my own healthcare company, my first one,
Speaker 6: and then sold it.
Speaker 2: By a year later.
Speaker 6: That wass CCS care compensation specialist.
Speaker 2: So what was that we'll kind of company was?
Speaker 6: So there was this dude who used to work for
Speaker 6: my parents selling insurance, like I remember mentioned going door
Speaker 6: to door medicaid well, he was a real smooth guy,
Speaker 6: kind of looked like a Dbar's brother.
Speaker 2: Name I can't name the name, but anyway.
Speaker 6: I heard that he had started his own company doing
Speaker 6: Medicaid enrollment for hospitals. So he had got this partnership
Speaker 6: with the CEO of a hospital in Detroit, and the
Speaker 6: whole business was someone's uninsured. By law, the hospital has
Speaker 6: to take care of him no matter what the case
Speaker 6: is that they have no ability to pay. But then
Speaker 6: if you could do the paperwork to get that person
Speaker 6: enrolled in Medicaid. So the ID you know, doctor Bill's
Speaker 6: pir certificate, things that proved to the state who they are,
Speaker 6: Medicaid was in retroactively rembursed the hospital for services, and
Speaker 6: he would charge like twenty percent of the reimbursement, which
Speaker 6: you could have a nick you baby cost a million
Speaker 6: dollar bill be a million dollar bill, right, So if
Speaker 6: you're getting twin center that he made two one thousand
Speaker 6: dollars to doing paperwork. He was making so much money
Speaker 6: it was crazy. Like he literally was married and bought
Speaker 6: a big house and moved his girlfriend into the house
Speaker 6: with his.
Speaker 2: Wife and his kids.
Speaker 6: She let the girlfriend lived with the that's kind of
Speaker 6: money he was making everything. You could do anything with
Speaker 6: enough money.
Speaker 2: Detroit play.
Speaker 6: I'm saying, when you're at Detroit like that and not
Speaker 6: my household ain't gona right, But I'm saying, like a
Speaker 6: Detroit at the time, he literally moved his girlfriend and
Speaker 6: with his wife, he had palm trees flown in. He
Speaker 6: was making money. But my whole thing was in the
Speaker 6: d where it's called. But the whole thing was he
Speaker 6: had lost it because they had found out that CEO
Speaker 6: was in his pocket, or vice versa, and so he
Speaker 6: lost the contract. And so me, yeah to the street, Okay, boom,
Speaker 6: I'm gonna go figure out how I'm gonna get the contract.
Speaker 6: So I went and met with his chief operating officer
Speaker 6: and persuade her to come work with me, and then
Speaker 6: I did some other things get a contract, and that's
Speaker 6: how I started my first company.
Speaker 3: Can we go back just for a second, because you
Speaker 3: were obviously were born into the healthcare industry, but you
Speaker 3: your entrepreneurial journey had a lot of stops. Yeah, right,
Speaker 3: So I know that that you had the ice cream
Speaker 3: truck at fam you did you did the fish and sandwich.
Speaker 3: What did you learn from those businesses that said you
Speaker 3: know what, this isn't gonna work because you immediately said
Speaker 3: that didn't work, but you learned.
Speaker 2: Let me go back to my passion.
Speaker 6: No, for sure, So ice cream truck, like you said,
Speaker 6: you know, I was doing that because to my surprise,
Speaker 6: I mean, how you in Florida don't have ice cream trucks.
Speaker 6: In Detroit it's cold to much out of the year.
Speaker 6: You have ice cream trucks during the summertime. So I
Speaker 6: had my tahoe converted to ice cream truck. I was
Speaker 6: playing Masterpiece of ice Cream Man, which was you know
Speaker 6: what I mean, the biggest.
Speaker 2: Song of the radio at the time.
Speaker 6: But you had to have like what ice, you had
Speaker 6: to have hot ice in anyway, then my ice cream
Speaker 6: was melting and I really didn't like it.
Speaker 2: Like I was.
Speaker 6: I enjoyed being a dude who pulled up in the
Speaker 6: tahoe with the ice cream Man playing, but I didn't
Speaker 6: like the process of working on the ice cream itself.
Speaker 6: Then I ended up starting these these uh sandwich shops,
Speaker 6: the Fries Palm Fritz Fries and the Cone because I
Speaker 6: was in Amsterdam and the coffee shops drink a lot
Speaker 6: of coffee came out and I was hungry for whatever reason,
Speaker 6: and at these fries in the corns, I'm like, I'm
Speaker 6: about to be the next Ronom McDonald. I'm about to
Speaker 6: bring this to the United States. I'm about to kill McDonald's.
Speaker 6: But I came back and I did it, and I
Speaker 6: quickly realized even though I could grow the business because
Speaker 6: I could sell, I didn't like coming in, you know,
Speaker 6: having a machine where it had to cut and peel
Speaker 6: the fries. There's too much work, and then you have
Speaker 6: people complained, then the grease gets dirty. It's just I
Speaker 6: didn't like the businesses, so so even though I had
Speaker 6: built them, I didn't like it, so they ultimately all failed.
Speaker 6: Even though I got in the airport, I was twenty two,
Speaker 6: I had a restaurant in the airport. I was in
Speaker 6: the malls on the street side next to Florida State.
Speaker 6: I didn't love the business, so it wasn't working. And
Speaker 6: then I got lost in the business too, Right, So
Speaker 6: what can happen if it's not working the way I plan,
Speaker 6: which be the next Ronom McDonald. I started doing different things.
Speaker 6: I lost my way. So then I added shrimp to
Speaker 6: the menu. Right, so you know, black folks love shrimp.
Speaker 6: I'm up late, I'm open late, and I need to
Speaker 6: have fries. Well, then I started. I was in Florid,
Speaker 6: so let me do some Caribbean things. And I had
Speaker 6: some Caribbean foods, rice and beans. So before you know it,
Speaker 6: I lost my way with the company with a business,
Speaker 6: so ultimately failed, but then went back, came back to Detroit,
Speaker 6: and I came into healthcare because I knew healthcare. I
Speaker 6: knew it without even knowing that I knew it, you know. Like,
Speaker 6: so the biggest decisions I made in my last company
Speaker 6: that I sold, the Blue Cross, I knew just through
Speaker 6: Osmosi's living, I mean just living my life as a kid,
Speaker 6: remembering decisions that my parents made in their healthcare business.
Speaker 3: Yeah, so you ended up selling the first business, right,
Speaker 3: but you didn't just take cash, right, so it was
Speaker 3: like a stock option and the.
Speaker 6: First health care business. Yeah, I got stock options. So
Speaker 6: it's a funny story. I don't know if you want
Speaker 6: the whole story, but long story short, this company I
Speaker 6: was doing back in work because I didn't get a
Speaker 6: primary contract I was doing back in so basically their
Speaker 6: primary vendor, they couldn't get folks and road to Medicaid.
Speaker 6: They gave me the second shot. I was a garbage man.
Speaker 6: But for me, of course, I got them all to
Speaker 6: prove because that was my opportunity. And through doing so,
Speaker 6: this big company who just was on this pathway to
Speaker 6: go public, had decided they wanted to come visit me
Speaker 6: and either do one of two things, do a strategic
Speaker 6: partnership with me. When set of me charging twenty percent
Speaker 6: of reimbursement, I charged eight to ten percent. But I
Speaker 6: would get a bigger volume of work or they would
Speaker 6: buy my company. And so they came to visit me.
Speaker 6: I was in the shared office space like we worked.
Speaker 6: I just had one office. We had like two officers
Speaker 6: in there, and they had a shared conference room. And
Speaker 6: I paid people to act like they worked from me.
Speaker 6: You know, I paid like forty bucks a day. I
Speaker 6: gave them a one pager with you know, three bullet points.
Speaker 6: This named the company. You know what I'm saying. This
Speaker 6: is one page, you know, one line of what we do.
Speaker 6: And anyway, so I sold those folks and I didn't
Speaker 6: want to actate to work for me, but I sold
Speaker 6: the people on buy my company and I got stock options.
Speaker 6: So they made me a senior director. They gave me,
Speaker 6: which is the time I was spent myself forty grand
Speaker 6: a year my own company. They paid me two hundred
Speaker 6: thousand a year. I was twenty seven and it gave
Speaker 6: me a thousand stock.
Speaker 4: That's what Dean was telling us. He was like, make
Speaker 4: sure you asked me about that. He started a company
Speaker 4: with a virtual regious office and sold the company.
Speaker 6: I did it twice though. That was my first time.
Speaker 6: Second time, I want a half billion out of contract.
Speaker 6: So I was at work, you know what I'm saying
Speaker 6: by the dumpsters on the phone like snaked, Yeah, and
Speaker 6: I did that.
Speaker 2: So how did you had to read this office space?
Speaker 2: So all right, let's let's get into that situation.
Speaker 4: So you you you started the company, but in order
Speaker 4: for the company to be sold, it had to have
Speaker 4: looked like more than what it actually was, right, So
Speaker 4: that's why you got the regius office space, which anybody
Speaker 4: doesn't know region's office space reagis is like a shared office.
Speaker 6: What makes I tryed to do this business in Georgia
Speaker 6: and uh to be like a subcontractor. But I learned
Speaker 6: quick learned is no real money. Here's one thing I'll
Speaker 6: clarify is my lane has been healthcare that's really the
Speaker 6: niche of government contracting, because really that's what I was
Speaker 6: doing once I got on the side, and my last
Speaker 6: company that was contract with the government. So there was
Speaker 6: this company who I was going to be there the
Speaker 6: sub who's trying to do to work in Georgia, and
Speaker 6: I quickly realized there was no big money in that.
Speaker 6: So I want to get the Medicate managed care because
Speaker 6: Obamacare had just passed, which meant more people on Medicaid,
Speaker 6: which because of the way I grew up, I knew
Speaker 6: folks who Medicaid meant more people in medicate managed care.
Speaker 4: So let's just break this down. Medicaid is the government
Speaker 4: program health insurance. Yes for people low income people. Yes,
Speaker 4: so you get commissions if you signed people up for Medicaid.
Speaker 6: Well know, the way it works is if you actually
Speaker 6: own the insurance company, which is what my parents had
Speaker 6: that's providing the medical right, and then I got it.
Speaker 6: So here's what happens. The government has the money and
Speaker 6: they're responsible for paying all the bills for people on Medicaid.
Speaker 6: All right, Well, what's happened is we had the providers,
Speaker 6: the hospitals and doctors and service providers, which is build
Speaker 6: a government over build them two or three times for
Speaker 6: the same service build. You know, somebody could be ER
Speaker 6: level five, but they EUR level two, which means not
Speaker 6: that sick. But they'll build an ear level five, I
Speaker 6: mean super sick. They would get more money for it,
Speaker 6: so they would double build, triple bill do too much,
Speaker 6: and so the government decided in order to manage the spending,
Speaker 6: they need to put a police mechanism in the middle
Speaker 6: to police the providers, and those are the Medicaid managed
Speaker 6: care insurance companies. So they contract with us and they
Speaker 6: pay us a health insurance premium per member per month
Speaker 6: they assigned to us. So in DC, my first contract,
Speaker 6: my first month I got they assigned me thirty thousand people.
Speaker 6: They're paying me roughly, you know, five thousand dollars a year.
Speaker 6: They pay me one hundred So I was getting like
Speaker 6: twelve million dollars a month, five thousand dollars per person
Speaker 6: per year, a person per year. Yeah, and I had
Speaker 6: and they signed me thirty thousand people.
Speaker 2: So do the math.
Speaker 6: It's one hundred and fifty million years by twelve, like twelve
Speaker 6: million a month first contract. Before that have to be
Speaker 6: out the hospital bills though, same time, my member goes
Speaker 6: to the hospital, the doctor, the dentists gets prescriptions, emergency
Speaker 6: transportation not emergeny transporation. I pay for everything. And if
Speaker 6: those bills are greater and they have my costs, my
Speaker 6: administrative costs to pervert, provide the service, marketing, et cetera.
Speaker 6: If my costs are greater than what I got paid
Speaker 6: from the government, I lose money. So I'm at risk.
Speaker 6: But if they're lower than I make money.
Speaker 3: Okay, So yeah, no, So are there things that you
Speaker 3: can do obviously to prevent Yeah?
Speaker 2: Yeah, so what like, what are some of the things
Speaker 2: that I was out cold? I was the coldest with it.
Speaker 6: So the average company in my industry is doing one
Speaker 6: point seven percent profit margins. You've run up to two percent.
Speaker 6: That's two percent, one hundred fifty million. It's like three
Speaker 6: million dollars a year, right, Well, that's the profit profit right.
Speaker 6: And there's some advanced accountants that look at all the
Speaker 6: past utilization patterns. How many times go to memergency room,
Speaker 6: home times ago impatient? It means they spend nine hospitals
Speaker 6: one night. How many folks are homeless and they how
Speaker 6: many folks have diabetes? How many folks you know, need
Speaker 6: a transplant, and they make all these assumptions to say, Okay,
Speaker 6: well we expect your cost to be X, so therefore
Speaker 6: your profit can be two percent. But of course me
Speaker 6: because Troy you the same way. I believe if somebody
Speaker 6: gave you and I got my coming up to twenty
Speaker 6: million revenue. So if somebody gave you twenty million dollars
Speaker 6: in revenue. By the way, a lot of companies lose money,
Speaker 6: like United was losing money. Are you gonna make money
Speaker 6: lose money?
Speaker 2: I'm gonna make money, right, yeah, the show, it just
Speaker 2: hit me, It just hit me.
Speaker 6: Give me twenty million dollars. I'm about to make some money. Yeah,
Speaker 6: and I'm gonna make a whole lot of money. So
Speaker 6: they was maked two percent. I was making ten and
Speaker 6: then my ten was round and down. So I was
Speaker 6: making like twenty million a year and I should have
Speaker 6: made four million year.
Speaker 2: How come you were able to make way more higher
Speaker 2: profit margins in them?
Speaker 6: Because big companies are built with mediocre, mediocre people.
Speaker 2: Right.
Speaker 6: So Blue crossby Shield and these big companies, United Healthcare, Senting,
Speaker 6: they're big, and like every big coming, it's just mediocre, right,
Speaker 6: because no one really gives a shit because they don't
Speaker 6: own it. But me, I won't forty percent of my company.
Speaker 6: So if I make twenty mins, eight millions comeing to
Speaker 6: Tommy Duncan's pocket. You feel me. If I make four million,
Speaker 6: I'm only getting eight hundred thousand.
Speaker 2: So what I'm gonna do? I'm about to make the twenty?
Speaker 6: How do I do it? I'm going through the data.
Speaker 6: So I became in actuary in my own mind. So,
Speaker 6: like I said before about like the food business, I
Speaker 6: didn't like it. I like the process of it. So
Speaker 6: I wasn't gonna become a cook or a chef. I
Speaker 6: didn't like it. But in this business, I love this shit.
Speaker 6: So I became an accountant to a degree in advances
Speaker 6: accountant to call it actuaries. I looked at all of
Speaker 6: my data identified, okay, well, who's cost me the most money?
Speaker 6: By individual and by.
Speaker 2: Category?
Speaker 6: So I give an example, identified that anyone who was
Speaker 6: in my membership had any condition. They could be a
Speaker 6: type two diabetic, they could be on dialysis, whatever the
Speaker 6: case may be. But if they were also homeless, they
Speaker 6: cost me five x more expensive. So no matter what
Speaker 6: the condition they had, they were also homeless, I cost
Speaker 6: cost five hundred percent more. So what I decided to
Speaker 6: do is identify all of my members that were homeless
Speaker 6: and put together programs to get them into housing.
Speaker 2: Simple thing.
Speaker 6: So at this meeting, I had forty people there because
Speaker 6: it was open meeting, and I kind of lead from
Speaker 6: the front. I'm a ground up guy, so let's all talk.
Speaker 6: Everybody gets respected in the floor. And what I quickly
Speaker 6: realized is because of that safe environment, two women to
Speaker 6: raise hand said I had actually been homeless in DC,
Speaker 6: and homeless were the kids.
Speaker 2: They gave me the.
Speaker 6: Real So I thought I had the bright idea, was wrong.
Speaker 6: They gave me the real lead of land. We put
Speaker 6: together plans in place we would douce homelesses about fifty percent.
Speaker 6: So out of all the metrics and data in our
Speaker 6: industry of healthcare, the only metric that we needed to
Speaker 6: focus on was getting folks that were homeless into housing.
Speaker 6: It seems simple, right, We did it. Cost came now
Speaker 6: a fifty percent, and our possibility went up directly.
Speaker 4: So that's let's just go into that point minute. So
Speaker 4: just by actually looking at the numbers, you realized that
Speaker 4: the homeless people was actually costing you a lot more money.
Speaker 4: So you got to keep them on. So the way
Speaker 4: that solve it is housing. There are housing programs, but
Speaker 4: it's just a matter of most CEOs aren't really interested in.
Speaker 2: Community outreach and trying.
Speaker 4: So you actually going hand in hand and getting these
Speaker 4: people and saying like, look, we can get you a house,
Speaker 4: da da da, and we can put you in a shelter.
Speaker 4: And that way, not only are you getting them off
Speaker 4: the street, but you're actually increasing your profit revenue as well.
Speaker 3: That's why I was like, I get it. Once you
Speaker 3: said it, I get it. You do the programs for
Speaker 3: the homeless. You create exercise classes, you create nutrition programs,
Speaker 3: more entry people, less people have to go to get
Speaker 3: any type of treatment or have to go, increase the expenses.
Speaker 2: Trow one hundred per sent right.
Speaker 6: So we actually built these community centers called our recenters
Speaker 6: in the hood. So in a TURFCE neighborhood in DC,
Speaker 6: we had four of them all throughout the district. And
Speaker 6: most of these companies call them corporate call wherever you
Speaker 6: want to call them. They ain't stepping foot in the
Speaker 6: hood and employees aren't, so we end up attracting people
Speaker 6: that were comfortable being the hood.
Speaker 2: I call it the hood.
Speaker 6: But when you're around the people that you're serving, you
Speaker 6: can affect them because you're actually communicating with them and
Speaker 6: you get them. You build a trust where they actually
Speaker 6: pay attention to what you are putting forth, they know
Speaker 6: the resources, and their behavior has changed for the positive.
Speaker 4: So that's how you was able to increase just looking
Speaker 4: at stuff like that.
Speaker 2: Studying analytics.
Speaker 3: So you went from one percent where the average was
Speaker 3: one percent point set and so that's how.
Speaker 2: You got to the ten percent. I was over ten
Speaker 2: killing them, killing them.
Speaker 6: But the problem is, and actually wrote a book trying
Speaker 6: to change the policy for medicating the country.
Speaker 2: I sent it to you.
Speaker 6: It's called the Trading Dollar Medicaid Monster addresses single payer
Speaker 6: everything you've heard about politically that knowing fully understands addresses
Speaker 6: all of it, simplifies it. I took it to the
Speaker 6: person that runs ran centerce Medicare and Medicaid for the
Speaker 6: country to change policy.
Speaker 2: Gave three policies to change, and.
Speaker 6: He told me there's no way he could do it
Speaker 6: because one of the policies is affected into law through
Speaker 6: Obamacare and it'll be too hard to change policy. But
Speaker 6: what that policy is a mandatory medical loss ratio requirement.
Speaker 6: What that means is, remember the government pays us a
Speaker 6: health insurance premium per member per month five thousand per year,
Speaker 6: breaking down per month for one of bucks per month
Speaker 6: per person tracking, Well, let's use a five grand per
Speaker 6: year number. The requirement is that eighty five percent of
Speaker 6: that money has to be spent on direct costs of care,
Speaker 6: so hospital, doctor, pharmacy. Then I get, you know whatever,
Speaker 6: twelve percent left, thirteen percent left to cover my administrator spence,
Speaker 6: and then two percent profit margin. But the management medical
Speaker 6: loss ratio is the eighty five percent. Well, if you
Speaker 6: do things that I was doing, get people who are
Speaker 6: homeless in the housing, reduce costs of care, then you're
Speaker 6: going to be less than eighty five percent.
Speaker 3: Because I'm thinking, like, if you did it in DC,
Speaker 3: this model seems like it could be scalable.
Speaker 6: Right, Like, why can't we do it Detroit, New York City? Well,
Speaker 6: because it's political, it's hard to win the contracts. It's
Speaker 6: a big game. So let me tell you how. Let
Speaker 6: me tell you something else about to the entrepreneurs out here,
Speaker 6: go to what the opportunity is. I feel like a
Speaker 6: lot of times what we do is individuals, not just
Speaker 6: black but just in general is we believe whether whoever
Speaker 6: our God is or our universe is, you know, it's
Speaker 6: all on us, right, so God bless us, and it's.
Speaker 2: Just wherever we are.
Speaker 6: But the truth is, the environment has a big impact
Speaker 6: on your opportunity. And I was in Detroit in the money. Detroit,
Speaker 6: d C. Is a special place, and a lot of
Speaker 6: black folks who have been successful come through DC, A
Speaker 6: lot of them. You look them up. Most of them
Speaker 6: got to start a BT. You go through really look
Speaker 6: at black folks who made it big. Most of them
Speaker 6: spent time in DC. And the reason is because DC
Speaker 6: is the only place that has a governor's budget but
Speaker 6: as black ran. So you look at any other state
Speaker 6: in this country. You go look at New York City,
Speaker 6: who knows what's gonna happen until a degree it may
Speaker 6: not really matter. You look at Atlanta, Georgia, you go
Speaker 6: to Detroit, Michigan. You got all these you know, big
Speaker 6: cities which have a black mayor. But the mayor budgets
Speaker 6: are small because the governor government got the money. Governor's
Speaker 6: got more money. They can actually move than the president
Speaker 6: United States because they like the biggest CEOs in this
Speaker 6: country but no one talks about it.
Speaker 2: So how many black governments do you know? None?
Speaker 6: Come on, Why is that they control the money? Sorry,
Speaker 6: they control the money. Governors control the money.
Speaker 2: Let me tell you.
Speaker 6: Out of the city of Atlanta, because I spent time there.
Speaker 6: With any city, a big contract to be a million dollars.
Speaker 6: You get a contract with the airport, you got a concession,
Speaker 6: you said you may you make a half million dollars
Speaker 6: a year.
Speaker 2: It's big.
Speaker 6: Any contract over three million, so three four five million,
Speaker 6: and it'd be construction. But the problem with construction for
Speaker 6: an entrepreneurs that there's a lot of expenses in construction.
Speaker 6: You gotta have equipment, you gotta have a million people.
Speaker 6: You can't make any profit. But governors controlled. Let me
Speaker 6: watch this. Watch this. The second largest procurement in history
Speaker 6: of United States was Georgia medicaid. I'm sorry, Wash Florida
Speaker 6: medicaid three years ago. It's one hundred and twenty billion
Speaker 6: dollar contract. Right now, over the next three months, California's
Speaker 6: put out their medicaid contract. Medicaid what I was doing,
Speaker 6: it's going to be a two hundred billion dollar contract,
Speaker 6: two hundred billion over five years, two hundred billion dollars
Speaker 6: five years medicaid.
Speaker 2: What I was doing. Who controls that? The governor?
Speaker 6: I mean, you don't have to get a big piece
Speaker 6: to get a lot of money. But d C is special.
Speaker 2: Because d C governor's budget.
Speaker 6: It's a government's budget, and the mayor is the governor.
Speaker 6: And she's a black one.
Speaker 2: Because that's for her. It was a black man. So
Speaker 2: it's a district of Columbia, so it's not a state,
Speaker 2: so it's a territory. So we got the budget. The
Speaker 2: mayor is technically the governor's in and they got the budget.
Speaker 2: Is the budget of power? Budget based on population?
Speaker 3: How do they determine the budget based on populations in
Speaker 3: tax base?
Speaker 2: Yeah?
Speaker 6: Okay, but DC is beautiful place. It's small with a
Speaker 6: big tax base. And uh, they got the power. And
Speaker 6: then the other thing DC did through form I were
Speaker 6: mayor for life, Marion Barry was the first place to
Speaker 6: institute a real program. Maybe Georgia did it, but DC
Speaker 6: did it powerfully where every contract that comes out of
Speaker 6: DC has to have thirty percent minority participation. Now they
Speaker 6: what happens. There is a lot of times that black companies.
Speaker 2: Will come in.
Speaker 6: It tried to do small shit do small things right unintentionally.
Speaker 6: But they'll do janitorial service, they'll do marketing contract ahvag
Speaker 6: they do printing. But there ain't no money. I mean
Speaker 6: relatively speaking, what I was doing. I came in as
Speaker 6: a prime and I got the prime contract, So I
Speaker 6: was getting two hundre million dollars year out of DC government. Well,
Speaker 6: the problem with the companies that like I had is
Speaker 6: I couldn't find a smaller black business to give a
Speaker 6: contract to that was worth thirty percent. They couldn't do
Speaker 6: the work, they didn't have the infrastructure, they weren't trying
Speaker 6: to do anything worth the bigger spend. But DC, let
Speaker 6: me tell you right now, to Medicaid contracts, because they
Speaker 6: did an expansion DC right now, it's probably three billion
Speaker 6: dollars a year, just a little a little old DC
Speaker 6: three billion dollars. Well, of that thirty percent, how much
Speaker 6: is that almost a billion dollars has to be spent
Speaker 6: with minorities? How much you write really things being spent
Speaker 6: with the minority companies in DC? I could tell you
Speaker 6: because we had to do hearings because there weren't enough
Speaker 6: to spend.
Speaker 2: Probably, yeah, no more than ten million, not even ten
Speaker 2: five five five million from a billion, not even that much.
Speaker 2: I'm saying. It's like it's just not the companies aren't there.
Speaker 2: The companies aren't there to do the work.
Speaker 6: And look, I mean we put game in the system
Speaker 6: by putting money in a black bank, but that's not
Speaker 6: really spending money. That's just money sitting. And even that's
Speaker 6: like small. But anyway, my points are that there's opportunity
Speaker 6: all over the place, particularly in DC, and this way
Speaker 6: to navigate it, the way that I did it, you know,
Speaker 6: but as an ospruar, you should look at your environment,
Speaker 6: see where you're at.
Speaker 3: The skill I mean navigating through government contracts is obviously
Speaker 3: a skill.
Speaker 2: Where did you develop this? Was it watching your parents.
Speaker 3: Go through the hospital or was it something that you
Speaker 3: learned when you were at a VP at your first company.
Speaker 6: On one side, my experience with my parents, you know,
Speaker 6: having all these employees, you know, all the politicians coming
Speaker 6: through every day, taught me government contracting because that's a
Speaker 6: lot of it is a sense of I don't call
Speaker 6: a quid pro quote, it's a pro quote.
Speaker 2: Right.
Speaker 6: There is a fundamental human principle called reciprocity.
Speaker 2: Right, you do for me, I do for you.
Speaker 6: But you ain't doing it for me. I ain't doing
Speaker 6: much for you. And the reason you need to get
Speaker 6: my attention is because you want me to prioritize your priority.
Speaker 2: I got my own priorities.
Speaker 6: So in order to do that, you got to incentivize me
Speaker 6: my experience that a creative taught me, train me. And
Speaker 6: that's the skills that I deployed when I looked at
Speaker 6: all of my data and identified which one moved the
Speaker 6: needle as I gave the example with the homeless program
Speaker 6: and executed and put together operating rhythm to push every
Speaker 6: day to improve our performance. He had a conversation earlier
Speaker 6: Troy about you're asking me if someone wins the office,
Speaker 6: and it was with Shay. The question was, well, while
Speaker 6: they keep raising money. Yeah, they keep raising money because
Speaker 6: they may be borrowing to pay for the TV commercials
Speaker 6: and they need to pay that money back. The other
Speaker 6: thing that happens too is they always want to have
Speaker 6: more money because they can then king make or queen make.
Speaker 6: So now let's say the person's mayor or governor, and
Speaker 6: now they want to hand pick city council, right, so
Speaker 6: they want to give that city councilor member that they
Speaker 6: want so they know that they'll vote for whatever they
Speaker 6: their initiatives are. They need to raise money for them,
Speaker 6: so they'll take the money that they raise for their
Speaker 6: campaign and then donate it to Kingmate to kind of
Speaker 6: build a powerful position in government so they can make
Speaker 6: decisions they want to make and help folks that they
Speaker 6: want to help. The other reason is if they lose,
Speaker 6: they got debt. See, if you win, you can always
Speaker 6: raise money because now folks want to participate with you,
Speaker 6: right the business people. But when you lose, then you
Speaker 6: may have one hundred thousand dollars in debt, a million
Speaker 6: dollars in debt, and no one's gonna give you any
Speaker 6: money really because you lost.
Speaker 2: So they always raise money just case they lose to
Speaker 2: But anyway, so.
Speaker 6: The understanding government relationships and understanding what people want by
Speaker 6: the other side is training in Troy. I got my
Speaker 6: training on how to operate my business at the highest
Speaker 6: level through my company at a creative. When I sold
Speaker 6: my company to a creative, they taught me how to
Speaker 6: analyze data, how to synthesize it, how to analyze and
Speaker 6: identify out of all of the data points and metrics,
Speaker 6: what actually moves in need of the most and then
Speaker 6: create an operational rigor to push every day to improve performance.
Speaker 2: I think that's incredible, Right.
Speaker 3: A lot of times people here, someone sold their company
Speaker 3: and they took the cash and they walked away and
Speaker 3: tried to create a new company. Whereas you sold the
Speaker 3: company and stayed on and learned, yes, skills to help
Speaker 3: you before you created a new company.
Speaker 2: That's right, that's incredible.
Speaker 6: And that's why we killed them. Yeah, my last company,
Speaker 6: we killed them and it benefited me financially. So my
Speaker 6: last company based upon the size, So if you just
Speaker 6: look at the metric of number of members, which is
Speaker 6: usually how they value managed care companies, we would have
Speaker 6: sold our company for forty million dollars, but because we
Speaker 6: were so profitable, we sold a.
Speaker 2: Company f one hundred and twenty million dollars.
Speaker 6: And that profitability was a was directly driven by really
Speaker 6: the training I received at the creative to understand the
Speaker 6: data and then pushing it.
Speaker 4: So what was the last company that you sold, Like,
Speaker 4: what was the same type of services provide insurance?
Speaker 6: That was insurance, that was a Medicaid health plan, that
Speaker 6: was Medicaid insurance trusted or trusted.
Speaker 2: So you was providing the insurance for the Medicaid.
Speaker 6: So people who have Medicaid, they have an insurance company,
Speaker 6: and I was one of the providers.
Speaker 2: This is interesting, It's something that I've never even heard of.
Speaker 3: Speaking of Medicare, you actually bought a healthcare plan from
Speaker 3: Michigan Tenant in twenty sixteen.
Speaker 2: Yeah.
Speaker 6: Tenants the largest for profit health care system in the country.
Speaker 6: So here's how it goes. It kind of makes to
Speaker 6: both right. So one, there was a person who used
Speaker 6: to be a Supreme Court justice in Michigan, and we're
Speaker 6: very close with my parents when I became when I
Speaker 6: started my entrepreneurial journey, remember my parents. The other thing
Speaker 6: about government business is when you're on the positive side
Speaker 6: where people like you, it's extraordinarily beneficial. But then something
Speaker 6: can happen when you get on the wrong side of politics.
Speaker 6: And so my parents got on the wrong side and
Speaker 6: lost everything. But then I was building my own. This
Speaker 6: person became a good friend of mine, kind of like
Speaker 6: a mentor to a degree, and it just so happened.
Speaker 6: He ended up becoming the CEO of one of the
Speaker 6: tenant hospitals in Detroit, and he told me that from
Speaker 6: corporate they had made a decision to sell their Medicaid
Speaker 6: help plan assets. And because of that relationship, he told
Speaker 6: me about it. And then I contacted a guy who
Speaker 6: I made chairman of my board. He's a very good
Speaker 6: friend of mine. I contacted so my guy who was
Speaker 6: running the hospital told me. I contacted my guy who
Speaker 6: is in that world of high power executives in healthcare,
Speaker 6: which none of them were black. He talked to them
Speaker 6: and they confirmed, yes, we are looking to sell their asset.
Speaker 6: And so you know, within a few months they sold
Speaker 6: the tours.
Speaker 3: What's the type of tag on that, because I know
Speaker 3: you later sold it to Henry Ford.
Speaker 2: We bought it for.
Speaker 6: Well, we had to put in it's called risk base capital.
Speaker 6: I think all in we probably put in like thirteen million, ok,
Speaker 6: you know, and then three years later we sold it
Speaker 6: for twenty two and a half. Yeah, but it was
Speaker 6: a crazy story. But here's the real story. That ain't
Speaker 6: the story how much money we made. The real story, Troy,
Speaker 6: is that we bought it and they gave us these
Speaker 6: financials which showed it was making six million dollars a
Speaker 6: year in profit, half million a month, half million a month,
Speaker 6: half million a month. The first month I owned it,
Speaker 6: we lost a million dollars, Oh you did. So they
Speaker 6: sell me an asset with all the financials. It's a
Speaker 6: big public traded company, right, one that you would trust.
Speaker 6: Half million dollars a month they make it. But somehow
Speaker 6: my first month I lose a maion. Second month I
Speaker 6: lose another million, Third month I lose another million. So
Speaker 6: now what's happening. My private equity partners are come to
Speaker 6: take my company over from me. I got stories with
Speaker 6: days they come to take it from it. They said,
Speaker 6: now we gotta put money in the company. Of course,
Speaker 6: time you can't put the money up, so we gotta
Speaker 6: put the money up. We gonna delute you down and
Speaker 6: take your equity to put the money up. And it's
Speaker 6: becoming hostile because we have our investors, who's money in
Speaker 6: this thing. We gotta do what we have to do
Speaker 6: to retain as much value as we can. So now
Speaker 6: they start showing up in my office every day, taking
Speaker 6: over my finance. So put my CFO out the way,
Speaker 6: took over his office and coming every day. So I'm
Speaker 6: all right, now I gotta fix the problem.
Speaker 2: So fix problem? How do I do it?
Speaker 6: Make all my vendors renegotiate their rates for me cut
Speaker 6: everything in half, or I'm suing y'all and I'm claiming fraud.
Speaker 6: And so now I called a State of Michigan. So
Speaker 6: here's what things. No matter how big the companies are,
Speaker 6: company is in healthcare, there's one thing that can destroy
Speaker 6: a company.
Speaker 2: It's called compliance.
Speaker 6: So the government believes that a company is not being compliant,
Speaker 6: they could tank the whole company. And so I proactively
Speaker 6: called the State of Michigan's insurance bureau, even though our percentage.
Speaker 2: If they called me, they didn't.
Speaker 6: I called them and I was threatening, well listen if
Speaker 6: the insurance bureau approved them. So what happens is when
Speaker 6: you're an insurance company, you make a profit. You can't
Speaker 6: really take your profits out every year. You just retain
Speaker 6: them and then when you sell your company, then you
Speaker 6: get all your money. So when they sold the company,
Speaker 6: we gave them thirteen million, they took like ten million
Speaker 6: out the company that they had to retain earnings. So
Speaker 6: then I contacted insurance bureau and I threatened, I tell
Speaker 6: you a funny story too, you know, let me tell
Speaker 6: you the story. So I called the insurance bureau, say no,
Speaker 6: I'm on record, call them to have a meeting being
Speaker 6: in healthcare for ever. So we go there and I
Speaker 6: got my private equity partners right, and they talking all
Speaker 6: this shit to me. They trying to take my company
Speaker 6: from me. Dudes resign from the board so they can
Speaker 6: sue me. So I knew that do resign for the board.
Speaker 6: That means they about to sue because they can't sue
Speaker 6: me being on the board because it's complex adventuest. So
Speaker 6: I'm like, all right, this is a Jewish guy. They
Speaker 6: about to sue me, and I got all these problems.
Speaker 6: They take it over my company anyway, So we go
Speaker 6: and now I got to get my money back. I
Speaker 6: don't forget my money back, and I renegotiate my VNDER contracts.
Speaker 6: I can save everything. So we get to Dallas and
Speaker 6: all these guys people come to to me to all
Speaker 6: thisselff to me. We get there and they quiet scared
Speaker 6: to talk.
Speaker 2: But here's what thing.
Speaker 6: So I threatened the dude. I said, yeah, you know,
Speaker 6: y'all took that money out and you sold the company
Speaker 6: to me. And you know I got to meet with
Speaker 6: insurance bureau. They want to meet with me about what
Speaker 6: happened because they see that financials have deteriorated. So I
Speaker 6: don't know, but that's the problem. So the dude, he said, ah,
Speaker 6: I did this team talking. I come back, I said,
Speaker 6: you know, I mean the insurance bureau and y'all took
Speaker 6: that money out. I don't know what they want to
Speaker 6: talk about. He kind of ignored again. I said the
Speaker 6: third time, I'm sorry, sorry, I say. He said, God,
Speaker 6: damn it, duncan if you threatened me one more time.
Speaker 6: I looked at him, I looked out the window. I said,
Speaker 6: all right, I won't say it again. That's gonna make
Speaker 6: sure you heard me.
Speaker 2: Came back.
Speaker 6: I promised you a day later, and they agreed to
Speaker 6: give us some money back. Got my money back, and
Speaker 6: still renegotiated my contracts with my providers who had to
Speaker 6: pay my vendors. So then now now that they get
Speaker 6: my money back, now my cost with Lord going forward
Speaker 6: set up making money.
Speaker 2: I probably made another twenty million. It's unbelievable. It's unbelievable,
Speaker 2: so said.
Speaker 6: I got my pe partners off of me and save
Speaker 6: my company end up being more profitable, and then Henry's.
Speaker 6: But then the company still wasn't making money, and it
Speaker 6: was it wasn't working. So I was able to get
Speaker 6: Henry Ford health System health System in Detroit to buy
Speaker 6: my company, and I made a profit so on something
Speaker 6: that was losing a million dollars a month, it could
Speaker 6: a taint everything. DC could at taint everything. I ended
Speaker 6: up up some one hundred twenty minon outs they pross
Speaker 6: all over the place, and.
Speaker 4: Then the very oh so yeah, I don't want to
Speaker 4: just breeze over one hundred and twenty million. You sold
Speaker 4: the company for so all right, so what is the
Speaker 4: What was the process of you selling that? Like when
Speaker 4: was you saying, okay, this is the time to start
Speaker 4: actively looking for somebody to buy it, or did they
Speaker 4: approach you and talk about that, like how you actually
Speaker 4: value the ebadah and all of that stuff, like how
Speaker 4: you value the selling of a company, because a lot
Speaker 4: of times people just hit like I sold the company,
Speaker 4: but they don't actually know like the details that go
Speaker 4: into selling a company.
Speaker 2: Yeah, so okay, first.
Speaker 6: In our industry, because I got so many stories, I
Speaker 6: can tell you what should be fun, But in our
Speaker 6: industry there.
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Speaker 6: Framework for how you value our companies right, and it's
Speaker 6: ebit US roughly eight times EBI to right. So you
Speaker 6: could value it that way, or as I told you before,
Speaker 6: you value it on the total number of membership, So
Speaker 6: call it like a million dollars of members. Forty thousand
Speaker 6: members have million dollars, but it'd be like forty million
Speaker 6: dollars right, Or you could do it boyut EBITDA. So
Speaker 6: but what happened with US is I didn't want to
Speaker 6: sell my company. I wanted to keep it and keep
Speaker 6: growing it. The problem I ran into is even though
Speaker 6: we were the highest performing on every metric, we're the
Speaker 6: most profitable, you know, every metric about getting people healthier,
Speaker 6: we were the best at it. I couldn't win other
Speaker 6: states because what I tell you, we had no black governors.
Speaker 6: You know, it's just and you had that black governor
Speaker 6: to push to win a contract, and we didn't have it.
Speaker 6: And my PE partners, I didn't want to be deluted,
Speaker 6: so I don't want them putting up too much money,
Speaker 6: and then I get deluted. So I'm owning you know,
Speaker 6: five ten percent of company where I built it from scratch.
Speaker 6: It's the time I was owning forty I want to
Speaker 6: keep my forty. See all these different factors. So but
Speaker 6: then what happened, let's shared with you. So anyway, so
Speaker 6: my pe firm when they bought in, So I started
Speaker 6: a company without private equity. I had a partner of
Speaker 6: mine who I met out here in La Do, a
Speaker 6: good friend of mine who arranged to put up the
Speaker 6: first couple million dollars. And then I end up having
Speaker 6: them bought out because relationship dynamics got difficult to manage through.
Speaker 2: So got in bought out and we got bought out.
Speaker 6: The company was worth twenty five million dollars total, so
Speaker 6: p came in at twenty five million. But remember I
Speaker 6: sould was one hundred twenty millions. But when they came
Speaker 6: in three years earlier, you know, their whole thing is
Speaker 6: you make a profit, you create value, then you sell
Speaker 6: it and you have this you know this game. So
Speaker 6: they had been looking to sell the company, but I
Speaker 6: kept wanting to stay in the game because to me, shit,
Speaker 6: if I'm worth a hundred million dollars now and we're small,
Speaker 6: if I get bigger, we're worth more a day and
Speaker 6: two billion, I mean I can keep going. But one
Speaker 6: thing that I think was a mistake, that I made Is.
Speaker 6: I started making so much money that I got got loose,
Speaker 6: and I was just starting to spend too much.
Speaker 2: So I was sharing with Shot earlier.
Speaker 6: You know, I did, amongst many things, I had this
Speaker 6: big party in New York City where I told him
Speaker 6: I also had Tretch.
Speaker 2: I had Naughty Boy Naguor, I had uh at Christmas.
Speaker 2: At Christmas, PRIs probably had Genuine.
Speaker 6: I danced with Genuine doing the moves and ship.
Speaker 3: I mean I was.
Speaker 2: We had Freddie Jackson, you call it.
Speaker 6: I had everybody showing up. I was like reinvigorating careers.
Speaker 6: Real talk the first verses. Yeah, real talk. But but
Speaker 6: let me tell you what happened. So when you're in
Speaker 6: healthcare in government, there's always these fundraisers, small not for
Speaker 6: profits trying to raise money, and it's like this important
Speaker 6: thing in all the politicians show up. So I'm at
Speaker 6: this Christmas dinner and this one woman who's like CEO
Speaker 6: of some small not for profit organizational healthcare.
Speaker 2: She comes up to me.
Speaker 6: She yeah, time to hear you making all this money.
Speaker 6: You know you're doing real well.
Speaker 2: Huh.
Speaker 6: And when she made that comment, I knew.
Speaker 2: Coming out just like.
Speaker 6: Remember, yeah, man said put the mink on through and
Speaker 6: through it in in the in the uh, in the fireplace,
Speaker 6: and I'm like, damn the word and got out.
Speaker 3: The trusts, the Pink Catalact and good Fellas Pink Cali,
Speaker 3: good Fellas, Oh take that ship back.
Speaker 2: It was.
Speaker 6: But I bought a Bentley when I got to d C.
Speaker 6: I had a red uh Note eleven because of my
Speaker 6: first company. But I never drove it and I sold
Speaker 6: it because I had to be low key. But then
Speaker 6: you start making so much money you just can't help yourself.
Speaker 2: I bought a Bentley. I'm kind of I'm driving.
Speaker 6: I'm driving, driving like this and ship like real talking
Speaker 6: my hat down out in the city and it's in
Speaker 6: DC is small.
Speaker 2: Well, I couldn't.
Speaker 6: You can't control yourself. You cannot control yourself in this situation.
Speaker 6: In the situation itself possible, It's impossible.
Speaker 2: That's why every movie the same should happen. No matter
Speaker 2: how much advice you get, you couldn't do it.
Speaker 6: So but but here's a here's a but here's a
Speaker 6: real life story. So right, the pink Cadillac, you know,
Speaker 6: the Chinchilla. When I was growing up, it's about the
Speaker 6: time we lost everything and I came back home to
Speaker 6: try to save it. My stepfather had just sold a
Speaker 6: piece of property which was attached to the hospital for
Speaker 6: two million dollars and he was running around with his
Speaker 6: two million dollar check and he was showing it off.
Speaker 6: It was one moment he was in the casino in
Speaker 6: Detroit and he and it was this dude I don't
Speaker 6: mention his name who my stepfather was bragging to, Oh,
Speaker 6: you know, y'all think y'all hurting me because he was
Speaker 6: going to beat out of politics. I said, I just
Speaker 6: got two may and he's showing a two million dollars check,
Speaker 6: and I truly believe and he'll tell you that was
Speaker 6: the start of the full collapse, right. He was he
Speaker 6: could maybe fix it. But after that it just it
Speaker 6: was a rap because this dude controlled the hospital. He
Speaker 6: was a general counsel for the hospital, and they just
Speaker 6: started suing the h most. The long story short, I
Speaker 6: knew at that moment it was a rap for me.
Speaker 6: So therefore I needed to sell the company to extract
Speaker 6: as much value as I can before end up losing everything.
Speaker 6: And the thing about government contracts, in any contract business,
Speaker 6: is it has its positives, it's pros, It has its
Speaker 6: cons Now. The positives contract business is that once you
Speaker 6: have a contract, you got revenue flow right, Boom revenue flaw.
Speaker 6: The downside is when you lose your contract, animo revenue
Speaker 6: flow right. So I went from getting two an a
Speaker 6: million dollars year coming through. So now if I don't
Speaker 6: have nothing, I lose my contract, I have zero.
Speaker 2: So I'm not a.
Speaker 6: Situation where I could go from verry risky. It's all risks,
Speaker 6: it's all enough and it's literally all enoughing right now.
Speaker 6: If you're in retail business, what our cause like red
Speaker 6: restaurant are you're selling something, whatever you're doing, and you
Speaker 6: have customers buying your product and service, they don't just
Speaker 6: cut you off. You know you have a real business,
Speaker 6: right But in contract you can lose everything. The problem
Speaker 6: with the retails you got to build this big business.
Speaker 6: I start off, I got a two a million dollars
Speaker 6: year RepA damn.
Speaker 2: I mean it's big difference, big difference. You got to y'all.
Speaker 2: You know, you got to build.
Speaker 6: But then when you get it, you're not as much
Speaker 6: at risk contract, you're full risk. My partners were putting
Speaker 6: pressure on me to sell it, and I'm like, all right,
Speaker 6: I need to sell this company before I end up
Speaker 6: with nothing.
Speaker 3: So you sold January twenty twenty. Yeah, and then you
Speaker 3: announced three weeks later JEDDOK, which is where you're at now.
Speaker 2: One week later, we both I want to just go
Speaker 2: back to you quick.
Speaker 4: So this is very important for people, especially black entrepreneurs,
Speaker 4: because a lot of times I feel like we have
Speaker 4: it's a gift in the curse, but we have a
Speaker 4: deep emotional attachment to our business and people always criticize,
Speaker 4: not always by lives. Time they criticize people, it's like, well,
Speaker 4: we can never really grow as a community if we
Speaker 4: keep selling our businesses. But when you have to understand
Speaker 4: that there's no emotional attachment to business, you have to
Speaker 4: look at it from a very rational standpoint, and it's
Speaker 4: like you can sell a business and then scale to
Speaker 4: another business as well. So once you saw that a
Speaker 4: they was going to come at you because your lifestyle
Speaker 4: and then be just the risk, you just realized you
Speaker 4: did a calculation in your head, yep, and said it's
Speaker 4: time to go.
Speaker 2: That's right, exactly right.
Speaker 6: And because the where I grew up and again, my
Speaker 6: mother had a twelve care diamond ring and she gave
Speaker 6: way for practically nothing, and all the furs and the
Speaker 6: cars and the house and everything, because they were trying
Speaker 6: to keep that business open that clearly was closing. Gave
Speaker 6: way everything trying to keep it open. I realized that
Speaker 6: the most attachment was more of a curse and a blessing.
Speaker 6: Did you reach out to Blue Cross Bushel or did
Speaker 6: they reach out to you to sell it? And said
Speaker 6: they reached out to me. They reached out and then
Speaker 6: they were trying to get rid of me, so you know.
Speaker 6: So then the district did this thing where they did
Speaker 6: another procurement, a new contract. So I just want a
Speaker 6: five year contract. Like eight months later they say, no,
Speaker 6: we're gonna do it again. We're gonna do another contract.
Speaker 6: See now you have to go through the process of
Speaker 6: winning a contract again. I just won, so I thought,
Speaker 6: except for five years, I mean, you know, I can
Speaker 6: try to grow or whatever. But then eight months later
Speaker 6: they put gonna do another procurement after they cut my
Speaker 6: race twice. Remember not making so much money, they cut
Speaker 6: my rates twice, only me, and then they did this
Speaker 6: new procurement, which to me was a message they kicking
Speaker 6: me out.
Speaker 2: It's a rap. So but I love out of DC.
Speaker 6: You know, Blue Cross Connect connected with me said they
Speaker 6: wanted to be in the medicaid space and the company
Speaker 6: they bought didn't win the contract, but instead they were
Speaker 6: encouraged and not negotiate a good deal.
Speaker 2: Anyway. Yeah, yeah, so so you sell that then and
Speaker 2: then jet That's yes, I was saying.
Speaker 3: And as you see the walls closing in, yeah, you're
Speaker 3: already drawn up the vision for the next thing.
Speaker 2: So talk about that process.
Speaker 3: I know it's closing in, but here comes the next thing,
Speaker 3: which is Jet Doc, which you announced a week after
Speaker 3: you saw.
Speaker 2: Yeah.
Speaker 6: So I didn't like, you know, I didn't want to
Speaker 6: sell my company, and I felt like I was being
Speaker 6: forced out, and not just in d C, but I
Speaker 6: felt like I'm the smartest person in healthcare, and I
Speaker 6: wrote a book to prove it.
Speaker 2: I really am.
Speaker 6: No one knows better than I do, because no one's
Speaker 6: been found of CEO like I have. So it's one
Speaker 6: thing you know something because you work for somebody, another
Speaker 6: thing like what y'all doing? You know that you know
Speaker 6: what I'm saying.
Speaker 2: It's different. So I knew it. I'm smart.
Speaker 6: I grew up in it, so I fifth second generation,
Speaker 6: I mean and when my mother and my stepfather started
Speaker 6: in the business, they were guinea pigging this concept to
Speaker 6: medicate managed care. And of course they started in the
Speaker 6: black communities because that's where the guinea pig. But because
Speaker 6: of that, my parents had the first experience with it.
Speaker 6: So like, no one knows the game better than I do.
Speaker 6: So I felt like I was being put on the
Speaker 6: sideline of the industry right, and I was mad about it.
Speaker 6: And so even though I knew I was about to
Speaker 6: make this money, I was pissed. And so I started
Speaker 6: another company and my plan was and launched his next
Speaker 6: company a week later, and then you know, shocked the
Speaker 6: world with that. Unfortunately that didn't happened it. You know,
Speaker 6: I launched jet Dot February first of twenty twenty with
Speaker 6: this concept of telehealth cause I knew that's where the
Speaker 6: game was going pre pandemic, because I looked through all
Speaker 6: my again, I've looked to all my claims. Oh, I
Speaker 6: got a lot of claims with your little claims which
Speaker 6: can be done over telephone versus somebody having to park
Speaker 6: the car going to the office see a doctor for
Speaker 6: zyptromac a Z pack. They's doing on the phone boom
Speaker 6: ba boom. And the doctor is not a big risk
Speaker 6: because it's a Z pack. It's easy, right, So I
Speaker 6: knew that's where when I looked at my claims, I
Speaker 6: paid off many claims.
Speaker 2: You know, boom. This is where healthcare is going.
Speaker 6: I launched February first on my own technology building myself.
Speaker 6: But then pandemic hits like March fifteenth, and I go
Speaker 6: from being early till late because now my tech I'm
Speaker 6: I just I'm a month in the building.
Speaker 2: My tech.
Speaker 6: My tech went ready until until September.
Speaker 2: Yeah, and I was late.
Speaker 6: And then I thought, okay, well I'm still good. So
Speaker 6: I'm self financing because I want partners, because I had
Speaker 6: pee partners last time, private equity.
Speaker 2: Self finance that don't let that go over your heah. Yeah.
Speaker 6: But sometimes a good idea, sometimes it's not the great idea.
Speaker 2: It depends.
Speaker 6: But I wanted full control of this. I thought it
Speaker 6: was going to be like a Grand Slam, A self
Speaker 6: financed it. And then I go out here to market
Speaker 6: like being about to kill them. It was right before
Speaker 6: Labor Day last year. I'm about to kill them. I'm
Speaker 6: about to give away you know, free doctor visits. But
Speaker 6: because I had stripe on the app. I had to
Speaker 6: charge lease of dollars. I'm gonna do dollar dollar doctor visits.
Speaker 6: And the next morning I wake up, I didn't had
Speaker 6: that mini. You know what I'm saying people on my app?
Speaker 6: Why now spend the money on advertising? And I look
Speaker 6: at all the comments. They think they're, you know, not
Speaker 6: real doctors, the Dr Pepper, you know, voodoo doctors, doctor
Speaker 6: dre whatever, you know, doctor day, doctor Dre. It wasn't real,
Speaker 6: and so people didn't assess value to what I was
Speaker 6: trying to sell, and really is amazing value properties and
Speaker 6: actually included discount pharmacy where anyone can go to any
Speaker 6: farms in the country get a priest to cost some medication.
Speaker 2: It's unheard of.
Speaker 6: But because I wasn't getting attraction I expected to get,
Speaker 6: I decided to do celebrity route like everybody else and
Speaker 6: go influencer. I got with Rick Ross and then we
Speaker 6: launched this big thing earlier this year, and again I
Speaker 6: actually kind of got it working. You know, my number
Speaker 6: is one hundred people per day. If I got one
Speaker 6: hundred people to day sign up for jet Doc, it
Speaker 6: was booming a subscription model. The problem is I g's
Speaker 6: like fifty people to day. Actually that wasn't a problem.
Speaker 6: Fifty people day would have been okay. The problem is
Speaker 6: that I spent four hundred thousand dollars that a month
Speaker 6: in advertising. I ain't spent one thousand dollars a month
Speaker 6: for the fifty people a day. I just can't you
Speaker 6: know what I'm saying.
Speaker 2: They can't justify it. No, I ain't doing that. So
Speaker 2: but that was my problem.
Speaker 6: So then I had to make another pivot. Business people
Speaker 6: do if you're gonna be in business. So I pivoted.
Speaker 6: My pivot was I'm gonna go back. Remember the guy
Speaker 6: I told you who I made chairman of my board,
Speaker 6: who's at the highest level of health care in this
Speaker 6: country most probably top ten most problem for people health
Speaker 6: care in this country by far, used to run CMS.
Speaker 6: He's a friend of mine. I hit him about what
Speaker 6: I'm doing. They gave me a recurring license contract, which
Speaker 6: is valuable when you're in the tech business. So back
Speaker 6: to valuation, service business and healthcare. Eight to ten x EBITA,
Speaker 6: which is pre tax profit.
Speaker 2: You know what the EBIT the stands for.
Speaker 6: Yeah, Earnings before interest, taxes, depreciation and amortization EBIT die,
Speaker 6: so pre tax profit eight to ten x is roughly
Speaker 6: ware you're gonna end up services.
Speaker 2: But if you're in tech, it's like twenty two or
Speaker 2: something like that.
Speaker 6: Bank Bank, And that's why I want to get a
Speaker 6: tech That's why they did detect. So they're gonna give
Speaker 6: me a million dollars a year in recurrent revenue, so
Speaker 6: call time. So well that's twenty two MILLI dollars country,
Speaker 6: I'm worth twenty two million off the top. I actually
Speaker 6: got a eventuation of seventeen million.
Speaker 4: And that is I'm glad you said that. So that
Speaker 4: is how you value a company. It's like the money
Speaker 4: that you're making. I'm trying to break this down as
Speaker 4: easy for people to understand as possible. The money that
Speaker 4: you make after all the expenses and all of that
Speaker 4: is done every single year. And then you have multiple
Speaker 4: So depending on what industry you're in, that will determine
Speaker 4: your multiple. So you were saying healthcare's multiples of eight,
Speaker 4: but in tech is like in twenty plus twenty plus.
Speaker 6: And here's another thing about tech. Tech will give you
Speaker 6: a multiplier of top line revenue. I'm talking about ebit
Speaker 6: does after expenses and taxes. I mean, it's after expenses
Speaker 6: net is net. Tech is gross gross. So you're doing
Speaker 6: a million dollars a year, you getting ten fifteen, that's
Speaker 6: fifteen million, your a couple of contracts. Now you're forty million.
Speaker 6: I mean, and you're just doing tech.
Speaker 2: So why is that?
Speaker 6: Because tech is just so explosive and it's just the
Speaker 6: because it's scale, so scalable, because if wor it's here,
Speaker 6: you'll work anywhere.
Speaker 2: It's not.
Speaker 6: Once you've build a tech and it has an application,
Speaker 6: what it costs of scale it is minimum. But services
Speaker 6: you get in more people, you have more infrastructure, more
Speaker 6: blah blah blah. So tech is a sixty place to be.
Speaker 6: So the dude connects me with the company and then
Speaker 6: they end up investing giving me an anchor contract. And
Speaker 6: so now we're actually at the closed age of winning.
Speaker 6: Appears to be winning a statewide contract to provide telehealth services.
Speaker 6: And we have another company that we're looking to.
Speaker 4: Do business with a few more and so telling doot.
Speaker 4: So what's the revenue census? You say you started with
Speaker 4: like a doubt? How much is it now? I mean,
Speaker 4: well we still got to say jet dotah.
Speaker 2: Yeah, Yet that's a competition.
Speaker 4: Well yeah, yeah, I was acting about that. So jet
Speaker 4: dot you started with a dollar, how much is it now?
Speaker 6: So it doesn't matter really because now it's twenty dollars
Speaker 6: a month, but we're ten dollars a month unlimited. But
Speaker 6: it doesn't matter. Well, it does matter, but it's not
Speaker 6: my priority. That's director consumer. So people in Georgia and
Speaker 6: Florida can still call it jet docs. See a doctor,
Speaker 6: get it, this got medication boom. It's all easy, pay
Speaker 6: a twenty bucks a visit. But what I've transitioned into
Speaker 6: is business to business. So that's when I was sharing
Speaker 6: with Troy earlier. There's an opportunity where you know, I'm
Speaker 6: going to address homelessness. It's a major problem, which means
Speaker 6: the major opper. What we found again through my math
Speaker 6: uh when I did in DC, is average person spends
Speaker 6: five x more expensive if they're also homeless. The average
Speaker 6: expense per year is about twenty grand a year. So
Speaker 6: somebody's homeless, on average, they cost us twenty thousand dollars
Speaker 6: a year. That's entire Medicaid manage caare industry. Well, had
Speaker 6: some folks at the homeless that cost twenty grand a year.
Speaker 6: Remember you only get PAI five thousand years, each person's
Speaker 6: losing fifteen grand. But then you have other people who
Speaker 6: don't see the doctor at always seeing pay five grand
Speaker 6: a year. So you know, you get you get paying
Speaker 6: out zero but you're getting five thousand, so kind of
Speaker 6: to a degree, not always average way out, but you
Speaker 6: know it gets close to it. And that's where the
Speaker 6: two percent problem arete comes from and you shake all
Speaker 6: that out. But HOMELETSS is a big problem. It's the
Speaker 6: biggest impactor on the healthcare industry. No one really talks about. So,
Speaker 6: and we've had homeless people that were using the emergence
Speaker 6: room fifteen twenty thirty times a month, right, knowing what
Speaker 6: to say to be admitted impatient, I mean the impatient
Speaker 6: means they spend in the hospital east one night. So
Speaker 6: somebody wants to get a meal, they wanted to stay
Speaker 6: in the hospital, or for whatever reason, they want to
Speaker 6: get some more medications, maybe because they need them, maybe
Speaker 6: because they want to sell them. Who knows, they know
Speaker 6: what to say to get it. And then the insurance
Speaker 6: comes to paying the bill, or it's just cold down,
Speaker 6: its cold ever whatever, right, but it costs money. Somebody
Speaker 6: goes in patient. Maybe it cost us fifteen.
Speaker 2: Thousand dollars, and you can't turn somebody down, no, So it.
Speaker 6: Costs fifteen thousand. Right, Well, if they stay on average,
Speaker 6: which is five nights, I'm paying three thousand dollars a
Speaker 6: night back. They could be staying with me at the
Speaker 6: Plasta Hotel and Penhouse Sweep. That's what I'm paying. So
Speaker 6: the opportunity is getting folks that are homeless into housing.
Speaker 6: And there's a big opportunity. I was giving you a
Speaker 6: quick mathty in Oakland, California, we're talking to a big company.
Speaker 6: Let's say they have ten thousand members, twenty thousand dollars
Speaker 6: a year. They mean to spend two hundred million dollars
Speaker 6: a year on homeless members on healthcare for their homeless
Speaker 6: two undre million.
Speaker 2: Dollars a year. I proved it in DC.
Speaker 6: I cut my homeless members in half by fifty and half,
Speaker 6: which is fifty percent, and it costs came down accordingly.
Speaker 6: So if I took a two hundred million dollar baseline
Speaker 6: and I cut it in half, that means a hundred
Speaker 6: million dollars in savings. If I got half of that,
Speaker 6: I may fit man. And they made fifty. They say
Speaker 6: fifty for giving me the contract. It's a lot of money.
Speaker 4: So that's that's the revenue models, not really the consumer.
Speaker 4: It's more business in government government contracts too.
Speaker 6: That's government or business business. So another company like the
Speaker 6: one that I had, I can go contract with him
Speaker 6: and say, I know how to save money I was doing.
Speaker 6: I was doing ten percent, twelve percent profit margins.
Speaker 2: You're doing you're trying to do too? Are you helping?
Speaker 3: So that that that is a formula for Oakland. We
Speaker 3: know homelessness is a huge problem in la as well. Yeah,
Speaker 3: can that also be replicated here? One hundred percent? The
Speaker 3: thing is I'm friends with the CEO of a big
Speaker 3: help planing.
Speaker 2: In Oakland and Oakland relationships, rightships.
Speaker 6: But once you pilot anything anywhere successful, then did undred percent.
Speaker 2: So the whole idea of virtual doctor visits.
Speaker 4: Teleerdoct is a well known company who's a publicly traded company,
Speaker 4: but people are still a little lary about this.
Speaker 2: So you have a virtual doctor visit.
Speaker 4: What Because I've never done this before, can you kind
Speaker 4: of explain to me what is a virtual doctor visit?
Speaker 4: Because I'm assuming that it's some limitations involved, like you
Speaker 4: can only see somebody, you can't like hit that hell
Speaker 4: bow and check that cough and all that. So, like,
Speaker 4: how does that work? And do you think that this
Speaker 4: is something that will be the normal moving forward?
Speaker 6: I do in the current in the current state of
Speaker 6: technology and its limitations, most all health visits are you know,
Speaker 6: you have flu symptoms, or maybe you think you may
Speaker 6: have COVID symptoms, or you have a headache, you need
Speaker 6: some strong advil or something that you don't need to
Speaker 6: see a doctor. You know it, and the doctors knows it.
Speaker 6: You don't need to see them in person. And so
Speaker 6: you download the app and you basically are like a
Speaker 6: zoom called the FaceTime with the doctor and you talk
Speaker 6: to them about your symptoms and they're going to prescribe
Speaker 6: your medication. And then in jet doc then the doct
Speaker 6: will automatically send the script wherever pharmacy feel is most
Speaker 6: convenient for you. You go pick it up, you get
Speaker 6: a five cent off constant medication. The discount card is
Speaker 6: embedded in the app. Where healthcare is going is more
Speaker 6: sophisticated technology, which we're on the forefront of that with
Speaker 6: this contract we have. I was just sharing with you
Speaker 6: where we're including with our app, integrated remote patient monitoring
Speaker 6: so folks that diabetic negocometers to measure the sugar the
Speaker 6: blood in their shirt, the sugar in their blood, and
Speaker 6: so we're integrating like a post eximity to.
Speaker 2: See what their you know, uh, their heartbeat is.
Speaker 6: But we're we're integrating these into our app so it's
Speaker 6: fully integrated. So now you can have you know, devices
Speaker 6: that have advanced huh, what's the word photography capabilities. They
Speaker 6: can actually see more clear than your iPhone what's going on.
Speaker 6: So you can actually use devices or smart scales to
Speaker 6: get more information. So you're actually replicating an in person
Speaker 6: visit without being in person. So that technology doing the
Speaker 6: way and we're in the forefront of it. We're building
Speaker 6: this integrated application with jet dot to have twenty remote
Speaker 6: patient monitoring devices fully integrated.
Speaker 2: To the system.
Speaker 3: So pre COVID, in the tele health space, there was
Speaker 3: an average about projected average, about eight hundred thousand visits
Speaker 3: eight hundred thousand visits a month. Obviously, post COVID that
Speaker 3: number has run to a billions, So that means it's
Speaker 3: a lot of people in the space. So what's jet
Speaker 3: Dot's plan to separate it? Because I know Shoddy mentioned
Speaker 3: a company as a competition, how do you separate yourselves
Speaker 3: from the rest of the competition.
Speaker 6: The reality is I got to figure out what I
Speaker 6: want to do. So you know, there's so much room.
Speaker 6: First of all, I answered question, it's a lot of room.
Speaker 6: There's room galore, and there's room galore direct consumer. There's
Speaker 6: so many different pockets of opportunities. So whether you focus
Speaker 6: on mental health, do you focus on this niche? Over here,
Speaker 6: there's a telecompany that's been very successful doing transgender care
Speaker 6: actually transgender or transgender.
Speaker 2: Friendly, what have you.
Speaker 6: And all the members are transgend because they have their
Speaker 6: own health care issues, right, and so it's very focused.
Speaker 6: So what's happening now is the telecompanies are trying to
Speaker 6: figure out what the niche is. Right, STDs is a
Speaker 6: big niche, so fire out with the niche is our
Speaker 6: opportunity for it for nicheng direct consumer. But also when
Speaker 6: you do direct to business, I mean how a business
Speaker 6: are is a trade of them, so there's always things
Speaker 6: you can try to do something new and different, which
Speaker 6: means the opportunity to grow B to B is pretty
Speaker 6: massive as well. But when I was saying I got
Speaker 6: to fiure out what I want to do, is you
Speaker 6: know how far I want to take it. You know,
Speaker 6: if you ask me a year ago, tw years, got
Speaker 6: to tell them to take it all the way, you know, pulkly,
Speaker 6: trade it own, to control it, make it a legacy business.
Speaker 2: Am I there right now? You know I don't know.
Speaker 6: I'm still thinking about that. So do I just want
Speaker 6: to create it, create value and sell it and have
Speaker 6: another hit and maybe getting a TV life but tuned,
Speaker 6: stay tuned. But that's the decision, you know, to how
Speaker 6: to make it? You know where the passion lies and
Speaker 6: is it still burning?
Speaker 2: Let me ask you this before we wrap some general questions.
Speaker 4: You say, you wrote the book Medicare Medicaid we always
Speaker 4: had these issues that you know, it's so flawed, And
Speaker 4: you said, can you give us one of the solutions
Speaker 4: that you have in the book or something that why
Speaker 4: is it so flawed?
Speaker 6: And what are some like at least one thing you
Speaker 6: under think can be done to fix it? You understand it.
Speaker 6: It's get rid of mandatory medical loss racial requirements. So
Speaker 6: I shared with you earlier, out of one hundred dollars
Speaker 6: we receive in revenue, we were required by a lot
Speaker 6: of spend eighty five dollars out of one hundred eighty
Speaker 6: five percent on the direct cost of care hospital, doctor, pharmacy, dental, transportation.
Speaker 2: Et cetera.
Speaker 6: Well, if you spend eighty five percent of your dollar
Speaker 6: every year, medical cost inflation is two percent. It's been
Speaker 6: two percent forever, which means next year you're going to
Speaker 6: be spending your total costs. So the governments won paying
Speaker 6: the total costs. The taxpayers are paying, so eighty five
Speaker 6: it's like compound interest eighty What was eighty five percent
Speaker 6: not eighty five point two percent?
Speaker 2: Right?
Speaker 6: And then the next year is eighty five point two
Speaker 6: plus another two percent, so not eighty five point two,
Speaker 6: it's two percent of eighty five. It's great net, right,
Speaker 6: it's like one point seven. So then I goes up
Speaker 6: to eighty seven percent. Every year, the cost healthcare keeps
Speaker 6: going up because of inflation, and you're requiring folks to
Speaker 6: spend that money. You did know what I'm saying. So
Speaker 6: every year the cost of healthcare goes up. That's why
Speaker 6: it's crazy.
Speaker 2: What what you want to do is.
Speaker 6: Get rid of mandatory medical lost racial requirements and then
Speaker 6: incentivize companies to reduce the total cost care for their membership.
Speaker 2: And by doing that they would.
Speaker 6: What should be the case is if they reduce their
Speaker 6: cost to actually get more contracts with governments to do
Speaker 6: more business. That's usually how it works, like Walmart. Lower
Speaker 6: of cost, the more business you get. But the way
Speaker 6: government has said it is they have these mandatory medical
Speaker 6: lost racial requirements, which means you have to spend eighty
Speaker 6: percent of your money and if you spend less than that,
Speaker 6: it's not legal. Well, the reason they do that, the
Speaker 6: government has done that is what they have been afraid of,
Speaker 6: are insurance companies skimping on care for the purposes of
Speaker 6: retaining it is profit.
Speaker 2: So let's say Troy needs to go, you know, get
Speaker 2: some imaging done.
Speaker 6: He has some heart palpitation or something he wants to
Speaker 6: get checked out. Their worry that me is an insurance company.
Speaker 6: Let's say I'm Blue Cross, we should and he's my member.
Speaker 6: I say no, Troy, you can't go get this this
Speaker 6: imaging service because it's not a cover benefit, or I
Speaker 6: just don't want you to do it because you know
Speaker 6: it's gonna cost me a thousand dollars.
Speaker 2: You're insured.
Speaker 6: So to protect against that, to protect the people, they
Speaker 6: make these mandatory medical lost racial requirements. But the truth
Speaker 6: is in healthcare, because of somebody goes to emergency room,
Speaker 6: by law, the hospital has to see the person, and
Speaker 6: by law, I got to pay the bill. Then the
Speaker 6: percent of spending that can really be affected by me
Speaker 6: trying to skip on services, it's like less than ten percent,
Speaker 6: So it's really like seven percent. So if I can
Speaker 6: only affect seven percent, why are you forcing this system
Speaker 6: to overspend on the other ninety three percent?
Speaker 2: You dig what I'm saying.
Speaker 6: What should be the case, like anything in capitalism, is
Speaker 6: if I can get my cost lower, I should be
Speaker 6: able to get more business. I should be incentivized to
Speaker 6: get my cost down. And the only way to really
Speaker 6: get cost down in healthcare is get people healthier. Is
Speaker 6: but I explained to you on the homeless issue, I
Speaker 6: cut my costs in half because I got.
Speaker 2: Half my people housing.
Speaker 6: So I was sitting down at sixty five percent medical
Speaker 6: loss ratio, which the government thought was a bad thing.
Speaker 6: Was while they forced me to get out of the
Speaker 6: industry where sixty five per cent is a good thing,
Speaker 6: because guess what happens if I'm in sixty five and
Speaker 6: the system is.
Speaker 2: Set to where.
Speaker 6: I get more business because I'm a lower cost provider
Speaker 6: than my other competitors. To guess what, the big companies
Speaker 6: that are in health insurance will now actually compete to
Speaker 6: get their cost lower.
Speaker 2: So if I had an impact.
Speaker 6: Doing things with homelessness and all this other stuff I
Speaker 6: did reducing you know, man, I had people, matter had
Speaker 6: thousand of people who I stopped from from being hooked
Speaker 6: to dallas for the rest of their life. I call
Speaker 6: it Diallasis bro If somebody has an A one ce
Speaker 6: which basically measuring the blood that the sugar in someone's blood,
Speaker 6: if they're if it's five and a half or greater,
Speaker 6: that means they're diabetics. So it's less than five and
Speaker 6: a half, they're pre diabetic. No, actually less than seven, yeah,
Speaker 6: less than seven, you know, less than seven.
Speaker 2: But I have people.
Speaker 6: But then you let's say that a one see eight, nine, ten, eleven, twelve,
Speaker 6: that means any day they could be in.
Speaker 2: They could require Dallasis.
Speaker 6: And that's a that's a bad thing because now the
Speaker 6: thousands every day for the rest of their life until
Speaker 6: they get a transplant or they die. I had some
Speaker 6: thousand people, thousand people because I looked at my data
Speaker 6: who had A one seeds that were over seven who
Speaker 6: have a one seeds that were growing over a period
Speaker 6: of time. Right, they at seven point five out they
Speaker 6: had a nine. Oh, I better focus on these people,
Speaker 6: get them in the care, get them a gukama that
Speaker 6: give me real time notification when it spikes. And then
Speaker 6: my staff, you want to reach out to them.
Speaker 2: What do you have for lunch? Oh?
Speaker 6: You think it's healthy to eat eat food all the time.
Speaker 2: Guess what? Not so much?
Speaker 6: You know, what are you doing in changing the behaviors?
Speaker 2: Right? Fruit? Fruit?
Speaker 4: Right?
Speaker 2: Yeah? A lot of times food. People think food it
Speaker 2: breaks down your body and sugar, that's right, no question.
Speaker 6: So people think they're doing something healthy, but it's killing.
Speaker 6: But listen, listen, people watch this. Thousands of people, thousand
Speaker 6: people my aunt included, and many people y'all know included.
Speaker 6: But my aunt was on h room to authritis since
Speaker 6: the last thirty four years. Well, to treat room to
Speaker 6: the aarthritis is medications and most of them attack the
Speaker 6: kidney right, so over time.
Speaker 2: It'll interiorate the kidney before you know it.
Speaker 6: They need dallasis, but not because of lifestyle or eating habits,
Speaker 6: just because they're on a medication to treat something and
Speaker 6: instead it burns the kidney up and now she's on
Speaker 6: dallasis We have thousand people that we identified through medications
Speaker 6: they're on and how long they're on it.
Speaker 2: They had a one cs that were rising that we
Speaker 2: move a one.
Speaker 6: C from being in the hot bed the hot land
Speaker 6: of any day, now you could be on dallasis Dallas's
Speaker 6: role to being pre diabetic. Lifestyle behavior changes thousands of
Speaker 6: people because I care diet next to did diet most
Speaker 6: of his diet and medication compliance. A lot of people
Speaker 6: don't taking medication. Why sometimes make some shit or dialysis
Speaker 6: or not. Dallasis diarrhea right, Sure, a side effects me
Speaker 6: so much health care can be fixed. But here's my
Speaker 6: real point. My point is we identify all these triggers
Speaker 6: and we did something about it, and through doing something
Speaker 6: about it, we gave people longer life, healthier life. Folks
Speaker 6: we avoided folks on dialysis and all those impacts. But
Speaker 6: not only that, we save a lot of money in
Speaker 6: the process. Because somebody is on dialysis. Guess what it
Speaker 6: cost us every year eighty five thousand. When you include
Speaker 6: dialysis and going to the emergency room with a couple
Speaker 6: of times, its being impatient eighty five thousand dollars years,
Speaker 6: but I'm Onlyn paid five thousand, which means I'm losing
Speaker 6: eighty thousand dollars per person on Dallasis or what did
Speaker 6: I do.
Speaker 2: I'm getting on the front moment.
Speaker 6: But what happens there, I save money and people have
Speaker 6: better healthier lives.
Speaker 2: Right.
Speaker 6: But that's a little old Tommy Dunky because Tommy duncan,
Speaker 6: which also I care about people, and the profit goes
Speaker 6: to my own pocketbook.
Speaker 2: So I'm doing these.
Speaker 6: Things which are making a big difference that big companies
Speaker 6: aren't doing them. But if they actually incentivize, if you
Speaker 6: get your cost lower, which you can only do it
Speaker 6: doing things I just share with you, then the big
Speaker 6: companies will actually do what I'm doing, and they would
Speaker 6: do it way better because they have all the resources
Speaker 6: in the world, but right now they have no incentivized
Speaker 6: incentive to do it. Instead then centive it is just
Speaker 6: keep things status quo, which is why health care outcomes
Speaker 6: and status quo and the cost of system keeps going
Speaker 6: up every year, and the governor and the governments don't
Speaker 6: do sit.
Speaker 2: How do we change it? Get political action?
Speaker 6: Political action, man, You just got to get political action, man.
Speaker 2: You got to get black governor. That's my that's my
Speaker 2: that's my headline. Get the black governor. That's what you
Speaker 2: need to do. When's the last black governor in America?
Speaker 2: In Virginia? New York own the last guy, but.
Speaker 4: That was that wasn't real. He was the governor. No,
Speaker 4: no disrespect to Patterson, but he wasn't elected.
Speaker 6: He wasn't elected, but he served as for and then
Speaker 6: he got out of it. But yeah, somebody coming in
Speaker 6: like you got it, you know what they're doing Virginia.
Speaker 6: That was the last elected black governor. Yeah, this guy
Speaker 6: named I can't remember his name, but somebody really coming in.
Speaker 6: You know, it's a plan that what they're doing. They
Speaker 6: got a squad. You know, they have relationships now, you know.
Speaker 4: But even but even with the governor, like even if
Speaker 4: it's a black governor's like I feel like you know
Speaker 4: better than me obviously, But this billions of dollars that's
Speaker 4: made in people being sick, Like you might have been
Speaker 4: losing money, but there's other companies and other people that's
Speaker 4: actually making money from people being sick. Treatments, hospitals, company
Speaker 4: and companies. Yes, okay, so the lobby, it might be
Speaker 4: you know too strong to push it, no matter who's
Speaker 4: the president or the governor or I.
Speaker 6: Agree with that, but somebody has to have audacity. And
Speaker 6: eliminated medical loss ratio actually can be viewed as a
Speaker 6: positive thing, even for the biotech companies, because then they
Speaker 6: would start to design things and market to the provider
Speaker 6: groups and insurance companies. Look and I actually keep people
Speaker 6: healthier and out the hospital. This medication is better or different.
Speaker 6: For this reason, the government has taken the stance because
Speaker 6: of what I shared earlier that if you do not
Speaker 6: police the insurance companies from skimping on care, there will
Speaker 6: skimp on care and that will be to the detriment
Speaker 6: of the public. And what I'm sharing with you is
Speaker 6: the way the system is designed from the inside. The
Speaker 6: only skip you could do is no more than some
Speaker 6: percent of total spending. So you're sacrificing nine three percent
Speaker 6: because of this seven percent which happens all the time.
Speaker 4: There you have it, ladies and gentlemen. Princess Detroit had
Speaker 4: spoken another classic. I appreciate you, brother, So what what
Speaker 4: do the people need to tap in?
Speaker 2: Well?
Speaker 4: Can you say your information all of them making that
Speaker 4: you have about jet dot, Instagram, website and all of
Speaker 4: that stuff.
Speaker 2: I do it all.
Speaker 6: But before I do, I just want to make the
Speaker 6: comment any entrepreneurs out there, do your research on your business.
Speaker 6: You know, research the industry. What are the success rates?
Speaker 6: Where the failure rates and failure rates are okay? But
Speaker 6: why do they fail? You know, calculate your risk. Don't
Speaker 6: just jump out there. Calculate it. You know, particularly if
Speaker 6: you're an adult, meaning you have you know, responsibilities and
Speaker 6: you just can't just quit your job. I know so
Speaker 6: many people quit their job, then they're gonna open the business.
Speaker 6: Then that business don't work, then they don't have a job,
Speaker 6: board business. You know, all my businesses I started, I
Speaker 6: had something already gone, right, I had this going I
Speaker 6: started mind, so I calculated my risk. Yeah, I could
Speaker 6: lose it all. I could lose a lot, but I
Speaker 6: ain't gonna lose it all. At the time I started
Speaker 6: my decent business, I had a son, I was married
Speaker 6: with a son, and my wife was pregnant. Right, so
Speaker 6: I did these things. Again, I calculated my risk. So
Speaker 6: do your research. Understand your industry, Understand what is the
Speaker 6: best upside. Are you going into a lifestyle business, meaning
Speaker 6: you just be profitable and you make a million dollars
Speaker 6: a year, and you know, if that's the highest subside,
Speaker 6: that's a great lifestyle. But no, that's what you get into.
Speaker 6: Or you're trying to do a value creation business.
Speaker 2: Do what I did.
Speaker 6: You create something that may take a little more time.
Speaker 6: Maybe it goes fast because the technology, but guess what
Speaker 6: now you sell it four hundred million dollars billion dollars
Speaker 6: and then you actually get a lump sum of money.
Speaker 6: And I will tell you this, When you get lump
Speaker 6: some money, it's a beautiful thing. You could make five
Speaker 6: million dollars a year, that sounds good, right, you can
Speaker 6: make ten million a year. But then you got half
Speaker 6: of taxes. And then you got lifestyle. You got a
Speaker 6: big house, you're living out here, you got a thousand cars.
Speaker 6: You know, you're spending your money. But you get that
Speaker 6: lump sum, that big check, and that money be working
Speaker 6: for you. Got to work that money working you did.
Speaker 6: You know what I'm saying, Like my money works, I
Speaker 6: ain't gotta do shiit. My money be working in the
Speaker 6: stock market and this is just working on its own.
Speaker 6: And that's where I decided I wanted to be, and
Speaker 6: that's where I'm at, but really know what you're trying
Speaker 6: to get into and what you're trying to get out
Speaker 6: of it. You know, do your research at your homework.
Speaker 6: When I want a contract in DC is because I did.
Speaker 6: And addition to all things I talked about, right, you know,
Speaker 6: I did a political stuff for government contracts to people
Speaker 6: and all that kind of smooth stuff. But also I
Speaker 6: put together the best plan for the district. Right, understood
Speaker 6: where the power was it was in DC. I understood
Speaker 6: the program for cbe for the minority business of DC.
Speaker 6: I understood all the healthcare can all the I read
Speaker 6: every article about healthcare in d C. DC is broken
Speaker 6: up by war to eight wards like borough is probably
Speaker 6: New York. I understood the health issues of each borough
Speaker 6: in New York, and I put together a plan for
Speaker 6: and so anyway, I just really avi I to do
Speaker 6: their homework, you know, calculate the risks, do your homework,
Speaker 6: but take risks.
Speaker 2: Right. My shirt says what high risk.
Speaker 6: I'm a high risk, high reward guy, you know. But uh,
Speaker 6: you know, if you want more, you gotta do more.
Speaker 6: That being said Tommy two duncan on, I g at
Speaker 6: Tommy two duncan Uh jet doc my jet doc when
Speaker 6: I that dot dot com the Prince of Detroit Film,
Speaker 6: Go check that out, Prince of Detroit Film. That's what
Speaker 6: I'm doing. I'm having fun with that, and I got
Speaker 6: other things popping. But what I love to do on
Speaker 6: anything Rashot and Troy's talk about entrepreneurship to help people
Speaker 6: be successful. I feel like that's what what's missing in
Speaker 6: our community is real mentorship on kind of ropes to
Speaker 6: skip the ropes of note and I feel like y'all
Speaker 6: are doing it, and so I appreciate you having me
Speaker 6: on the show to do my little part.
Speaker 4: Thank you, appreciate you man. I'm glad we was able
Speaker 4: to connect. Definitely look forward to, you know, establishing a
Speaker 4: stronger relationship. Tons and tons of information and it's one
Speaker 4: of these things where we don't know a lot about,
Speaker 4: you know, the type of informational topics when it comes
Speaker 4: to healthcare, and just to have somebody you know, that
Speaker 4: we can relate to. That's kind of been the formul
Speaker 4: of our success is just bring people on that people
Speaker 4: can relate to and break down very complex situations and
Speaker 4: make them understandable. And that's what you did. So thank
Speaker 4: you for joining us. Can I do one more thing
Speaker 4: for sure, one more thing all right?
Speaker 6: Right now, because of social media, every industry is up
Speaker 6: for disruption. It's the first time in history. So before
Speaker 6: you know, most black people, folks who come from where
Speaker 6: we come from, had barriers right resources, know how I
Speaker 6: talked about that like real mentorship, but even access to resources.
Speaker 6: How do you get to clients? It costs money to market.
Speaker 6: Now through social media, I promise you everything is up
Speaker 6: for disruption. You could start a hot sauce company, mark
Speaker 6: that hot sauce and before you know it, you'll be
Speaker 6: bigger than Red Hot. You look around at pillows, anything
Speaker 6: you can see it's all up for disruption. And it's
Speaker 6: the first time in history. That's the case where people
Speaker 6: can go from whatever they're doing to become a billionaire
Speaker 6: overnight because they can talk directly to consumers.
Speaker 2: That's like us.
Speaker 4: We also say the whole industry when it comes to finance,
Speaker 4: and we have a show called Market Monday. Shott to
Speaker 4: Ian our partner on that, and it's like massively successful show.
Speaker 4: Every single Monday we talk about stocks and investing. So
Speaker 4: shout out to Josh Brown. Josh Brown is on CNBC
Speaker 4: and he's been on Wall Street for like thirty years.
Speaker 2: Good guy.
Speaker 4: So he was talking and he was like, yeah, your legia.
Speaker 4: I got the show and he was like them, they're
Speaker 4: influencing financial markets. He's like, there's like seven thousand people
Speaker 4: watching the show live. Like they're influencing financial markets more
Speaker 4: than anybody on the street.
Speaker 2: Geez. He said that, and that was crazy. But it's
Speaker 2: true crazy, and it's like, you know what I'm saying.
Speaker 2: It's just said. It's like it's that's game changing, man. Yeah,
Speaker 2: the disruption at its finest. So I'll leave you with this.
Speaker 6: Make sure you know you're doing what you're doing, have
Speaker 6: somebody legal doing your research, keep you all in compliance,
Speaker 6: because it's more powfer you get they're be coming at you.
Speaker 2: Yeah, that's what they said that. He just said that.
Speaker 2: That's what Dave said yesterday. That's a fact.
Speaker 1: No.
Speaker 4: I appreciate that, brother, definitely definitely Troy housekeeping items.
Speaker 3: Oh man, I want to, I want to. Dame also
Speaker 3: said that we should mention this that there was a
Speaker 3: wolf of will Street. This is the wolf of healthcare. Yeah,
Speaker 3: heth wolf of healthcare and I had the word Prince
Speaker 3: of Detroit. We might have to nominate him for another title,
Speaker 3: because this is this is pretty legendary. That being said,
Speaker 3: shout out to Jed Talk And one of the things
Speaker 3: I know that you guys probed yourself on is affordability
Speaker 3: and accessibility, and so I want to encourage people just
Speaker 3: to check it out.
Speaker 2: Just check it out.
Speaker 3: But yeah, shout everybody on pictureon dot com. That is
Speaker 3: our proud to paid program. Shout told earners that on
Speaker 3: their shout to everybody. E y l University staff has grown, y'all.
Speaker 3: Shout out to the earners and shout everybody, uh with
Speaker 3: the merch. I know y'all see us with the exclusive merch.
Speaker 4: Oh, speaking of Detroit, shout out to my boy Chill.
Speaker 4: Oh yeah, yeah, yeah, no, no, that's Southwest's son and
Speaker 4: he gave me this murch He's real.
Speaker 2: He's a friend of good friend. It's very rare when
Speaker 2: we wear something that's not show. But my man Chill.
Speaker 4: They just got in the legal marijuana business and working
Speaker 4: with Al Harrington. Shout out to Al Harrington Viola and
Speaker 4: they got a strand and this was a drop of
Speaker 4: his new strands. So shout out to Chill. Shout out
Speaker 4: to his dad, Southwest. He got a chance to chop
Speaker 4: it up with him, good guy. Shout out to all
Speaker 4: the guys in Detroit, man, real, real, solid, old school
Speaker 4: type of just get money. Yeah, you know, it's a
Speaker 4: good vibe out there.
Speaker 2: That's my city. I like it man. So shout shout
Speaker 2: out to my boy chill Man. Yeah.
Speaker 3: But again, shout shout to the merch team. Shout to
Speaker 3: that boy Mike eye Ballguard for the exclusive drops. We
Speaker 3: got something that we brewing. Trust me, it's gonna be major.
Speaker 3: Uh Yeah, love us love.
Speaker 2: Thank you guys for rocking with us. We'll see you
Speaker 2: next week.
Speaker 5: Peace, My graduates from my school being force back drop
Speaker 5: b drop Mike, drop back drop drop.
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